23 Feb 2011

NIB to finance Bank of Greenland’s environmental loan facility

NIB will provide a loan to the Bank of Greenland to finance its new environmental loan programme.  The 10-year maturity loan totalling DKK 25 million (EUR 3.35 million) will help finance energy efficiency measures in private households.

Around 40% of all energy consumption in Greenland derives from heating buildings. Qualifying projects will include investments in improved insulation of private homes and their heating systems, for example, replacement of boilers and connection to district heating systems.  Installation of new windows, heat pumps and solar panels, and improvements of air conditioning systems are other examples of eligible projects.

“The loan will contribute to carbon dioxide emission reduction in Greenland, and fits well under NIB’s environmental mandate and declared interest in the Arctic region,” says Johnny Åkerholm, NIB President and CEO. 

The Bank of Greenland was established in 1967 by a group of Danish banks, and is the main bank in Greenland.

The Nordic Investment Bank is the common international financial institution of the eight Nordic and Baltic countries. NIB provides long-term financing to the energy, environmental, transport, logistics and communications, and innovation sectors for projects that strengthen competitiveness and enhance the environment. NIB has the highest possible credit rating, AAA/aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact

Lars Fuglesang, Senior Manager, Origination, tel. +358 10 618 0508,

Nina Monsen, Senior Communications Specialist, tel. +358 10 618 0291,